SB 97: Veterans’ loan cancellation life insurance
The Department of Veterans' Affairs is the lead agency responsible for providing programs, services, and benefits for Oregon veterans, including loan cancellation life insurance. When the department provides a home loan to a veteran, the veteran is offered this insurance which pays off the remaining loan debt should the veteran pass away. This bill codifies the current practice of allowing the department to purchase loan cancellation life insurance and provide it to qualifying veterans.
SB 973: Life settlement contracts
A life settlement agreement is a contract under which the owner of a life insurance policy sells or transfers the policy to a third-party for an amount less than the death benefit. Currently, Oregon regulates life settlement agreements only when the insured is chronically or terminally ill. This bill clarifies the authority of DCBS to regulate life settlements and the brokers and providers engaged in life settlement activities. The bill also protects consumers, particularly seniors, who are approached to sell or transfer their policy to investors. The bill requires additional disclosures, protects the privacy of a consumer's personal financial and medical information, and bans certain types of life settlement transactions, including those involved in a stranger-originated life insurance (STOLI) plan.
HB 2198: Continuing education for some life agents
This bill eliminates the exemption from continuing education requirements for retired life insurance agents servicing existing life insurance policies. There are currently approximately 50 retired life insurance agents who are exempt from the continuing education requirements. These agents, as well as agents who become exempt before the effective date, will be grandfathered in.
HB 3184: funeral expense insurance policies
This bill allows certain individuals other than a spouse to buy insurance on a family member to cover funeral expenses without the family member's written consent.